HOTEL MANAGEMENT AGREEMENT

(______________)

THIS ?AGREEMENT? is made and entered into as of __________, 2008, by and between CRI HOTEL INCOME PARTNERS, L. P., a Delaware limited partnership (?Owner?), and OAK HOTELS, INC., a Delaware corporation (?Operator?).

RECITALS:

WHEREAS, Owner owns that certain ___ unit hotel located in _______________ (the ?Hotel?);

WHEREAS, contemporaneously herewith the Owner has been designated as the Licensee of that certain Days Inn franchise granted by Days Inn Worldwide, Inc. (?DIW?) with respect to the Hotel;

WHEREAS, Owner desires to obtain the benefits of Operator?s expertise in the management and operation of such Hotel as a Days Inn hotel; and

WHEREAS, Operator is experienced in operating hotels as a DIW licensee and desires to operate the Hotel as a Days Inn hotel in accordance with the standards of the Days Inn System and the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the mutual promises and covenants herein contained, Owner and Operator agree as follows:

1.1 Operator?s Hiring. Owner hereby engages Operator to manage the Hotel as a Days Inn System Hotel, in the name and for the account of Owner, on an exclusive basis. Operator shall operate the Hotel in a businesslike and efficient manner for the purpose of maximizing the long-term profitability of the Hotel to the Owner consistent with reasonable business judgment and shall use Hotel solely for the operation of a Days Inn Hotel. Operator shall operate the Hotel at a standard of operations and maintenance of physical condition that is equal to or better than the standard of operations and maintenance of physical condition, subject to Owner?s and Operator?s obligations under this Agreement, on the effective date set forth above and achieves no more than a score of 400 on the DIW Quality Assurance Scoring System or the equivalent in a successor system.

1.2 Days Inn. Operator represents and warrants that Operator has the right to identify and manage the Hotel under the distinctive ?System? operated under the Days Inn ?Marks? and ?Standards.?

1.3 License. Owner represents and warrants that it has the right as of the date hereof to utilize its limited, non-exclusive ?License? to operate the Hotel using the System, but only at the specified ?Location? and no other, during the Term.

1.4 The Hotel. The Hotel shall include the land at ______________________________________________(the ?Location?) and all improvements, structures, furniture, fixtures and equipment (the last 3 collectively, ?F/F/E?), appurtenances, facilities, entry/exit rights, parking, amenities, and related rights, privileges and properties existing, to be constructed thereon, or subsequently added during the Term.

The initial term of this Agreement shall be a period of _______ (__) years and _______ (__) months, commencing at 12:01 a.m. on the ______________, 2008 and terminating at midnight on December 31, 2016. This Agreement may thereafter be renewed by Owner, at its option, on the same terms and conditions as set forth herein for an additional term of ______________ by giving written notice thereof to the Operator at least six (6) months prior to the expiration of the initial term. The ?Term? is the initial term and any renewal term.

3.1 General Policies. As manager of the Hotel, in the name and for the account of Owner, Operator shall have full policy-making and executive decision-making authority and responsibility for the operation, direction, management and supervision of the Hotel, subject to the terms of this Agreement. Operator?s authority and responsibility shall include without limitation the following:

(i) Subject to the provisions of Section 3.2(b), labor and personnel matters, including the recruiting, selection, hiring, compensation, training and discharge of all Hotel Employees, entering into employment contracts, and negotiating collective bargaining agreements and executing the same, if necessary, as Owner?s representative (with Owner?s prior written approval), with any applicable labor union or organization;

Home        Intelligence        Services        Subscriptions        News        About Us

Contact Us       Terms of Use       Resend Documents       Shopping Cart

Copyright © 2008 The Consus Group LLC